Lagatar24 Desk
Mumbai, April 25:The Indian equity indices opened lower on Monday after a sell-off in Asian shares, which was fueled by expectations of an economic slowdown as a result of expected aggressive monetary policy tightening by global central banks, led by the US Federal Reserve.
The BSE Sensex index dropped nearly 377 points to 56,819 and the Nifty 50 index dropped to 17,035 , both of which were down from the previous week.
Eight of the top ten most valuable companies by market capitalization lost Rs.2,21,555.61 crore last week, in line with the overall market’s dismal trend, with Infosys and HDFC Bank taking the greatest hits.
Firms slumped across the board on Monday, with 49 of the Nifty 50 index’s 50 stocks trading down.
The sole gainer was ICICI Bank, which rose 1.5 percent after reporting a nearly 60% increase in net earnings to Rs.7,018.71 crore in the January-March quarter from a year ago.
Future Retail was down 5%, Future Consumer was down 19.4%, and Future Enterprises was down 9.5 percent, as investors became increasingly concerned that the company was on the verge of bankruptcy.
After Future Group’s secured creditors voted against the agreement, Reliance cancelled it on Saturday.
